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SOL question


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Regarding truth in Lending definitions

Here in colorado A credit card account is quite clearly defined as a open account 3 yr SOL right? not exactly, if a creditor or CA were to sue for breach of contract or specific performance, yes three years is the SOL. but the fine print in the statutes here is that if the the debt is a liquidated determinable amount due then the SOL is 6 yrs, but six years is the maximum.

it's usually best to seek an atty's advice and cover on this as soon as you are willing to fight you get a better settlement and your atty will protect your rights cause he's paid to, even if you are out of SOL your sol defense will go much better with some help.

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No matter what truth in lending says, Florida's SOL is not based on whether an account is open, revolving or otherwise. It reads:

(2) WITHIN FIVE YEARS.--

blah blah

(B) A legal or equitable action on a contract, obligation, or liability founded on a written instrument, except for an action to enforce a claim against a payment bond, which shall be governed by the applicable provisions of ss. 255.05(10) and 713.23(1)(e).

blah blah

(3) WITHIN FOUR YEARS.--

blah blah

(k) A legal or equitable action on a contract, obligation, or liability not founded on a written instrument, including an action for the sale and delivery of goods, wares, and merchandise, and on store accounts.

The real discussion here is what exactly does that mean? Is the CC agreement or the signed CC receipt a written instrument? Unfortunately, there is no definition in the statute, nor is there any case law. The pretty much leaves it up to the judge to decide.

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  • 5 months later...

Here are some definitions:

F.S. 679.1021(uu) - instrument - Credit card not an instrument

F.S. 679.1021(B) - Account - credit card

F.S. 679.1021 © - Account Debtor - not instrument

F.S. 671.201 (3) - agreement - maybe cc cross reference contract

F.S. 671.201 (11) - Contract - legal obligations from parties agreement

F.S. 671.201 (46) - Written - Duh, paper or tangible form

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